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ABU DHABI / WAM President HH Sheikh Khalifa bin Zayed Al Nahyan, issued a federal law, authori- sing UAE Cabinet to grant temporary licenses for tes-ting and vetting of innovations that utilise future tech and its applications such artificial intelligence (AI). The study towards developing new legislations will begin with launch of RegLab in January 2019. RegLabwill be largest lab …

SHANGHAI / WAM The Abu Dhabi National Oil Company (Adnoc) announced, on Saturday, it has concluded a new long-term liquefied petroleum gas (LPG) sales agreement with Wanhua Chemical Group of China. Under the terms of the 10-year contract, Wanhua will purchase up to 1 million metric tonnes of LPG per annum. The agreement, which was signed by Abdulla Salem Al …

WARSAW / WAM Prospects of propelling economic cooperation between the UAE and Poland were the main topic of discussions as Mohammed Sharaf Al Hashemi, Assistant Minister of Foreign Affairs and Inter-national Cooperation for Economic and Commercial Affairs, met Deputy Minister for Polish Diplomacy, Maciej Lang, in in Warsaw. “There are promising pros-pects of intensifying cooperation between two sides,” said Al …

Bloomberg Saudi Arabia’s Energy Minister Khalid Al-Falih agreed in a meeting in Baghdad on joint coordination with Iraq to achieve more stability in the oil market, Iraqi Oil Ministry spokesman Asim Jihad said by phone. Al-Falih flew into Baghdad for a meeting with Iraqi Prime Minister Adel Abdul Mahdi ahead of talks between Opec and its allies in Abu Dhabi …

Bloomberg Russia’s oil industry is feeling the pressure of a possible return of production caps. In fact, by sacrificing a fraction of output, the companies could see their stocks rise. Fresh output curbs may push crude prices up, benefiting Russian producers just as they did during the cuts that began last year. The Moscow Oil & Gas Index has gained …

Bloomberg BlackRock Inc and CleanCapital LLC bought a 46.9-megawatt portfolio of US solar power from a unit of ATN International Inc. The 60 projects are in California, Massachusetts and New Jersey, CleanCapital said in a statement. ATN’s Chief Financial Officer Justin Benincasa said in an email that the purchase price was $64.3 million. Including assumed debt of $55.5 million and …

ABU DHABI / WAM The Abu Dhabi Chamber of Commerce and Industry signed a Memorandum of Understanding (MoU), with the Hungarian Chamber of Commerce and Industry. The MoU was signed during their meeting at the headquarters of the chamber. The MoU affirms the commitment of both sides to reinforce the economic and commercial cooperation between the UAE and Hungary, through …

Bloomberg The wind changed again in the oil market as Organization of Petroleum Exporting Countries (Opec) signalled it will consider a return to cutting output next year, potentially making the second production U-turn this year. With the US midterm elections over and crude futures wilting in the face of another historic shale oil surge, the cartel will discuss a change …

Bloomberg SoftBank Group Corp. is planning to develop a $1.2 billion solar power plant in Saudi Arabia, according to people with knowledge of the matter. The plant, to the north of Riyadh, would generate 1.8 gigawatts of power, the people said, asking not to be identified because the plans are private. SoftBank has started preliminary talks with banks and developers …

Bloomberg Crude’s poised for the longest losing streak since 2014 as concerns of a supply crunch eased on a forecast for rising US production and waivers for eight countries allowing temporary import of Iranian oil. Futures in New York fell as much as 0.9 percent and headed for an 8.5 percent drop in eight straight sessions. The US government forecast …